Enel's net profit for 2024 jumped, while revenue declined due to decreasing prices and lower volumes of thermal energy. The Rome-based energy company on Thursday reported a net profit of 7.02 billion euros for 2024 compared with 3.44 billion euros in 2023. On an adjusted basis, net profit--or net ordinary income--increased 9.6% to 7.14 billion euros. Earnings before interest, taxes, depreciation and amortisation increased 18.8% to 24.07 billion euros. Adjusted for one-offs, Ebitda--or ordinary Ebitda--increased 3.8% to 22.80 billion euros. Enel had targeted net ordinary income between 6.6 billion euros to 6.8 billion euros and ordinary Ebitda between 22.1 billion euros to 22.8 billion euros. Revenue declined to 78.95 billion euros from 95.57 billion euros in 2023. The company revealed it would pay a dividend of 0.47 euros per share for 2024, a 9% increased to the 0.43 euros per share it paid for the previous year. Enel confirmed it met all of its strategic objectives for 2024

Thursday, the SMI lost 0.3 per cent to 12,836 points. Of the 20 SMI stocks, there were 11 losers and 9 gainers. A total of 20.64 (previously: 22.71) million shares were traded. Among the individual stocks, DocMorris shares fell by 28.7 per cent. The online pharmacy did achieve its annual targets. However, the announcement of a capital increase weighed heavily on the share price. DocMorris intends to raise additional equity capital totalling around 200 million Swiss francs. This is to be achieved primarily through a capital increase with subscription rights for existing shareholders. The aim is to strengthen the balance sheet for the realisation of strategic goals and to ensure the repayment of the CHF 95 million convertible bond due in 2026. The shares of the index heavyweights showed a mixed trend. While Roche shares fell by 1.1 per cent, Novartis shares rose by 0.6 per cent and Nestlé shares by 0.1 per cent.

Europe
The European stock markets ended lower on Thursday, as the battle over tariffs intensified with threats from US President Donald Trump to impose heavy taxes on imports of alcohol and spirits from European countries. The Stoxx Europe 600 index closed down 0.2% at 540.4 points. In Paris, the CAC 40 lost 0.6%, while the SBF 120 shed 0.7%. In Frankfurt, the DAX was down 0.5%, while the FTSE was unchanged in London at the close. Daimler Truck brought up the rear in the DAX. The share price fell by 4.4 per cent. Traders referred to a report by the US Environmental Protection Agency. Its new head is seeking to roll back climate regulation. ‘This suggests that the fleet will remain relatively old and logistics companies will not switch to new trucks because of the climate,’ commented a market participant. Traton (-2.6 per cent) also suffered a significant decline. Volvo lost 2.2 per cent. Disappointing figures from Grenke caused the share price to plummet by 18.8 per cent. At Hugo Boss (-2.4%), the figures for the fourth quarter met expectations, yet the sales outlook fell short of expectations. In the conference call, the clothing manufacturer also spoke of subdued consumer sentiment in the year to date, which is also reflected in the footfall. In the insurance sector, Hannover Re (+0.7%) and Generali (-0.2%) presented figures. Hannover Re increased its dividend substantially and confirmed its outlook. The Italians were able to significantly increase their profits thanks to premium hikes.

United States
Stocks weathered another rough day Thursday with investors on edge over new tariff threats and mixed inflation news. The S&P 500 dropped 1.4% and suffered its first correction since October 2023, a decline of more than 10% from its Feb. 19 record high. The tech-heavy Nasdaq Composite declined nearly 2%. The Dow Jones Industrial Average fell 1.3%. President Trump threatened to impose 200% tariffs on alcohol imports from the European Union after the bloc hit back at his levies on steel and aluminum imports. Investors eyed an inflation gauge that showed wholesale prices held steady in February-although prices charged for eggs soared. Inflation concerns have intensified as Trump’s import levies risk fuelling price pressures, while also weighing on growth. Earlier this month, the Trump administration imposed a 25% import tariff on goods from Mexico and Canada, then suspended the tariffs for some of those goods. Canada imposed its own retaliatory tariffs. The Nasdaq suffered a correction last week and through Thursday’s close was down more than 14% from its December high. The Dow was down more than 9% from its own record. Congress could create more uncertainty. Senate Democrats will discuss whether to approve the Republicans’ funding bill, or trigger a shutdown of the government this weekend. Among the individual shares, Intel rose by 14.6 per cent. The semiconductor company has found a new boss in Lip-Bu Tan. Adobe, on the other hand, plummeted by 13.9 per cent. Although the software company's first-quarter figures were certainly pleasing, the outlook for the second quarter was disappointing. The same applied to software developer UiPath: positive business figures were offset by a weak outlook - the share price slumped by 15.7 per cent. Cybersecurity provider SentinelOne's fourth-quarter figures were also convincing, but here too the outlook was disappointing - the share price slipped 5.5 per cent. American Eagle Outfitters lost 4.0 per cent after the retailer warned of a weak first quarter. Gold prices climbed 1.5% to $2,984.30 a troy ounce, another record high.

Asia
In Asia, major indexes broadly closed with gains on Friday. Chinese shares, in particular, experienced a strong upward trend. The Shanghai Composite advanced by 1.6 per cent, while prices in Hong Kong rose by as much as 2.5 per cent. The Nikkei-225 in Tokyo is up 0.8 per cent. On the Korean stock exchange, prices are treading water. Samsung SDI fell by 2.4 per cent. Capital increase plans are a burden here. Cyclically sensitive steel shares are also under pressure: Posco Holding is down 0.6 per cent.

Bonds
U.S. investors sought out haven assets. Treasury yields fell as prices rose. The 10-year Treasury note yield dropped by 4 basis points (0.04 percentage points) to 4.27%. The 2-year Treasury note yield eased by 3 basis points to 3.97%. U.S. investors faced the prospect of a potential U.S. government shutdown and Treasury Secretary Scott Bessent said the White House was more focused on the economy over the long haul than recent market volatility. Bessent’s remarks came as the tariff fight heated up between the U.S. and Europe, and after a February reading showed inflationary pressures in the supply chain flattened out.

Analysis
Berenberg downgrades Comet target to CHF 353 (400) - Buy
Target price Schindler: Barclays upgrades to CHF 290 (270) - Overweight
Rating Julius Baer: GS resumes with Buy (Rating Suspended) - Target 77 CHF

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